MOSCOW—Russian venture-capital funds are shifting their gaze to outside the country, contributing to an exodus of capital amid an economic crisis and Western sanctions.
A robust startup scene emerged in Russia after the collapse of the Soviet Union, and venture-capital funds followed closely behind. New companies sprung from the scientific and academic communities Russia nourished during the Cold War, including Doroga TV, a vehicle-tracking GPS service, and Kuznech, an app that allows customers to shop by browsing online images. But funding is now looking for better opportunities outside Russia.
